Purpose of Audit

The purpose of our audit was to assess the District’s fund balance for the period July 1, 2012 through June 30, 2015.

Background

The Saratoga Springs City School District is located in the City of Saratoga Springs and portions of the Towns of Greenfield, Malta, Milton, Saratoga and Wilton in Saratoga County. The District, which operates eight schools with approximately 6,375 students, is governed by an elected nine-member Board of Education. The District’s operating budget for the 2015-16 fiscal year totaled approximately $117 million.

Key Finding

• The District’s reported unrestricted fund balance for the past three years was understated because the District incorrectly restricted funds for the future payments of other post-employment benefits (OPEB).

Key Recommendation

• District officials should discontinue the practice of restricting a portion of its fund balance for its future OPEB liability to ensure the amount of the unrestricted fund balance is in compliance with the Real Property Tax Law limit.